硅谷银行（SVB）：2023年第四季度全球基金业银行展望报告（英文版）（21页）.pdf

1、Global Fund Banking Outlook Report Q4 2023A year ago in this column,I wrote about rising interest rates and their potential effect on private markets and the economy as a whole.At the time,few expected rates to climb and remain at elevated levels for this extended amount of time.This year,firms have

2、 had to adapt to an environment of“higher for longer”interest rates,modifying their approach to various aspects of fund management.In this report,we analyze how managers are adapting by looking at several trends we are seeing in our proprietary data,surveys and conversations in-market.One area of fu

3、nd management that chief financial officers(CFOs)are thinking critically about is capital call lines of credit(CCLOCs).We frequently receive questions around how to manage CCLOCs during this period of higher interest rates and have built an illustrative model to help understand the effects of intere

4、st rates,payoff structures and hurdle rates on a funds internal rate of return(IRR).To preview the results,we find that CCLOCs would generally have a positive impact on returns even if interest rates continue to rise.Relatedly,we find increased use of CCLOCs for portfolio company notes as a way to c

5、ontinue providing capital for portfolio companies during this period of constrained liquidity.A silver lining to the slower investment and fundraising environment has been funds ability to take advantage of additional bandwidth to build their internal operations,such as deploying enterprise resource

6、 planning(ERP)systemsand implementing increased cybersecurity controls.Recent SVB targeted polls and proprietary data confirm the increased focus on these activities.As we close the book on a year that was difficult for many in the industry,I reflect on the incredible adaptability and resiliency of